Oct. 15, 2007
For Immediate Release
NEW STUDY REVEALS CU ECONOMIC IMPACT ON TAYLOR COUNTY IS OVER $76 MILLION
By Joan C. McKinney and Linda Waggener, director and assistant director of university communications
CAMPBELLSVILLE, Ky. – Campbellsville University has a total economic impact from its operations of $76.1 million in Taylor County, according to a new study recently completed by Younger and Associates of Jackson, Tenn.
Dr. Michael V. Carter, president of CU, said, “As Campbellsville University moves forward in her second century of providing quality Christian higher education in this community and region, we are pleased to announce the results of an economic impact study was recently completed by Younger and Associates of Jackson, Tennessee.”
“The study reveals that CU has a total economic impact from its operations of $76.1 million. This is a measure of the total number of dollars that flow through the Taylor County economy because of the operations of Campbellsville University.”
Carter explained that multiple activities generate Campbellsville University’s impact on the economy. These include: university operations of payroll, purchases and capital investments; university contractors of food services and other providers of services on campus; university events, consisting of special events housed, sponsored or coordinated by the university that generate visitor spending; and student spending that includes purchases made by students off campus.
The total number of jobs in the local economy supported by CU operations is 1,354. This includes 269 CU employees and 30 jobs that are created by two contractors that operate solely in support of CU. There are an additional 1,055 indirect jobs that exist throughout the local economy because of the various activities of Campbellsville University.
The total for direct employment at CU in salaries, wages and benefits is $13,863,725 with the total for all jobs at $48,527,070, making a total impact of $76,108,171.
The total economic impact is the total dollars that flow through the local economy each year because of Campbellsville University. This reflects local university and student spending being re-spent by local businesses and households until it leaks out of the local economy.
The three-year average of capital spending impact for building and site work and equipment purchase and set-up is $8,759,018.
Each year, the staff, students, contractors, service providers and other vendors of Campbellsville University spend over $42.2 million with local businesses.
The total, $42,250,965, is after savings and taxes of $6.3 million which benefits local government operations and financial institutions, Carter said.
The $42.2 million includes the following businesses: transportation (vehicle, gas and maintenance), housing/shelter, personal insurance, utilities, groceries, healthcare, restaurants, entertainment, apparel, charity, household furnishings/equipment, housekeeping supplies/services, miscellaneous, education, personal care products/services and reading – in descending order.
CU’s impact is further illustrated by the earnings of a typical college graduate, which averages $2.0 million over a 25-year-career and is 82 percent more than the impact of a non-college graduate. As noted in the study, the overall impact of CU’s higher education operation cannot be measured totally in terms of dollar impact.
There are quality of life factors for which there are no definitive measures, Carter said.
“Certainly, a major factor in our community’s continuing economic growth and development is the availability of skilled workers and the availability of life-long learning opportunities via the 40 undergraduate degree options, and ten masters’ degree programs offered by CU and the numerous options available through the Technology Training Center.
“We deeply appreciate the support Campbellsville University receives from the people and organizations of this great community.”
Carter said, “From the City of Campbellsville and Taylor County governments to the Chamber of Commerce and Team Taylor County to the churches and community organizations in Campbellsville, we are very fortunate to be a part of Campbellsville-Taylor County.”Campbellsville University is a private, comprehensive institution located in South Central Kentucky. Founded in 1906, Campbellsville University is affiliated with the Kentucky Baptist Convention and has an enrollment of 2,310 students who represent 100 Kentucky counties, 32 states and 28 foreign nations. Listed in U.S.News & World Report’s 2008 “America’s Best Colleges,” CU is ranked 22nd in “Best Baccalaureate Colleges” in the South and eighth in the South for “Great Schools, Great Prices.” CU has been ranked 15 consecutive years with U.S.News & World Report. Campbellsville University is located 82 miles southwest of Lexington, Ky., and 80 miles southeast of Louisville, Ky. Dr. Michael V. Carter is in his ninth year as president.